Business Plan on Toothbrush PDF

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Assignment onThe Business Plan For Mr (New Form of Brush)Course titleBusiness MarketingCourse codeMKT- 514Submitted toTasmin Jahan Lecturer Department of Marketing University of BarisalSubmitted byGroup: “The Incredibles”Department of Marketing University of BarisalDate of submission08-06-SL NO: ABB...

Description

1

Assignment on The Business Plan For Mr.Relex (New Form of Brush)

Course title Business Marketing

Course code MKT- 514

Submitted to Tasmin Jahan Lecturer Department of Marketing University of Barisal

Submitted by Group: “The Incredibles” Department of Marketing University of Barisal

Date of submission 08-06-2021

2

University of Barisal

GROUP PROFILE Group Name: The Incredibles Group logo:

Name of The Members of The Group: Sl. No

Name of The Group Member

Roll No.

01 Sangita Paul

19MKT005

02 K M Khalid Hasan Kawsar

19MKT007

03 Ripon Datto

19MKT040

04 Aminul Islam

19MKT 060 ACRONYMS

3

SL NO:

ABBREVIATION :

STANDS FOR

01

GNP

Gross National Product

02

NNP

Net National product

03

GOVT.

Government

04

CSR

Corporate Social Responsibility

05

HRM

Human Resources Management

06

TK

Taka

07

BSTI

Bangladesh Standard and Testing Institute

08

MRP

09

GDP

Manufacturer’s Recommended Price Gross Domestic Product

TABLE OF CONTENTS SL NO:

Topics

1 2

Executive summary Overview of the product

Page 08 08

3

Environment Analysis

09

2.1. Economy 2.2. Culture 2.3. Technology 2.4. Politics 2.5. Legal Concern 2.6. Competitors

4

Industry Analysis

10 4

3.1. Industry Background And Overview 3.2 Significant Trends 3.3. Growth Rate 3.4. Key Success Factors 3.5.Outlook For The Future

5

Description Of The Venture

10-12

4.1. Mission 4.2. Vision 4.3. Goals 4.4. Objectives 4.5. Nature Of The Business 4.6. Description Of The Product 4.7. Size Of The Business

6

Business Strategy

12-15

5.1. SWOT Analysis 5.2. How To Go There 5.3. Competitive Edge

7

Marketing Strategy

15-19

6.1. Target Markets 6.2. Methods Of Sales And Distribution 6.3 Packaging 6.4 Pricing 6.5. Branding 6.6 Database Marketing 6.7 .Sales Strategies 6.8. Sales Incentives Or Promotion 6.9. Advertising Strategies 6.10. Public Relations 6.11.Networking 6.12. Customer Service

5

8

Location And Layout

19-20

7.1. Demographic Analysis 7.2. Business Factory And Area

9

Competitor Analysis

21-22

8.1. Potential Competitor 8.2.Information About Competitor 8.3. Trade Association 8.4. Customer 8.5. Industry Journal 8.7. Company Resources

10 11 12 13 14

Management Team Production Plan Operational Plan Organizational Plan Financial Plan

22 22 23 24 24-28

15 16 17

Strategy For Adopting Targeted Markets Issues & Challenges In Targeted Market References

29 31 34

FIGURE LIST

SL

CONTENT

PAGE

1.1

Sales And Distribution Method

16

1.2

Distribution Area

20

1.3

Operational Model

23

1.4

Organizational Hierarchy

24

1.5

Amount of loan and capital

25

1.6

Break-even point analysis TABLE LIST

28 6

SL NO 1.1 1.2

CONTENT Channel of distribution Loan statement

PAGE 20 26

EXECUTIVE SUMMARY The Relex Brush is a toothpaste dispensing toothbrush. It’s a new product in our market. No other company launches such kind of product previously. Our particular product is unique in its ability to refill the toothpaste using collapsible toothpaste containers with a separating top and bottom. Another unique feature is the rubber stopper which prevents the dispensing toothpaste from drying out and clogging up the toothbrush head. We can use it in more effective way. The user of our product can feel ease in using it. With this product we can enter into a new technological culture. As a new product in our country, we can capture the concentration of our user and can provide them expected service. It’s an opportunity for us that we need not compete with other and can keep our priority to develop the standard of the product. We are hopeful of capturing our market easily and can contribute our GDP and GNP.

01. OVERVIEW OF THE PRODUCT Mr. Relex is a toothpaste-dispensing toothbrush. The base of the product is a lightweight nylon handle that is hollow in order to contain the other components of the product. Also the top of the handle is threaded in order to connect with the head of the toothbrush which is also made from nylon. The toothbrush head contains a tube running through the top to allow for toothpaste to 7

travel to the bristles through small holes that are located around the bases of the bristles. Our startup company will manufacture the nylon handle and the toothbrush head. To ensure that the toothpaste does not dry out due to constant contact with the air, we include a stopper made of synthetic rubber with our product that keeps the toothpaste sealed off from outside exchange. Our company will manufacture this rubber stopper. Our product encases a toothpaste cartridge made of polyethylene terephthalate, a collapsible plastic. The plastic’s ability to be crushed makes for an easy removal and mess free cleanup. Since the targeted people are not habituated to brushing and cleaning, we will try to provide them with a better quality of toothpaste which will allow them to use little amount of toothpaste for brushing. The cartridge can hold 1ots of toothpaste, which is equivalent to around 60-80 uses of the product. The cartridge will be manufactured and filled by toothpaste companies. The cartridge is compressed by it being pushed upwards to the Toothbrush head and out through the holes near the bristles. A zinc-plated steel spring is responsible for pushing the cartridge up the handle of the brush. The spring is enacted with the use of a dispensing button that is connected to the cartridge. The user pushes the button upwards in order to apply toothpaste to the bristles. The startup company will manufacture this nylon dispensing button.

02. ENVIRONMENTAL ANALYSIS In case of establishing a new product environmental analysis is very important. There are several point that includes environmental analysis:

2.1. Economy: The economy is favorable to introduce these types of product the production or distribution process and different agent are the main opportunity of this product.

2.2. Socio-Culture: This product will introduce our people to a new technological culture which helps to fulfill one step to digitalize Bangladesh.

2.3. Technology: 8

Advanced technologies are imported from china to produce this product. This technology helps to produce such kind of standard product.

2.4. Politics: Political stability is suitable for this product on the other hand political turmoil hampers bad impact towards this product.

2.5. Legal Concern: Tax, tax liability rules imposed by the government manner, corporate social responsibilities are favorable to us.

2.6. Competitors: As this is a new product in the market. There is no competitor in the market. Competitors may arise in future. Then deducting price and increasing quantity of the product is the solution to handle that situation.

03. INDUSTRY ANALYSIS 3.1. Industry Background and Overview: Various brush industry are available in our country with some foreign company but they could not introduce this type of product. So, this is the new product in existing industry.

3.2Significant Trends: Available this product to every user. People may make them adjust with this product within shortest possible time.

3.3. Growth Rate: As brush is daily used product .so its growth rate will be high. 9

3.4. Key Success Factors: Value chain technology, differentiation, technology strategy, product quality and financial strength is the key success factors.

3.5.

Outlook For The Future:

In future product features can be changed and this industry can be expanded.

04. DESCRIPTION OF MANAGEMENT OF VENTURE Every business has some venture thus this company has which is given bellow:

4.1. Mission: To create a toothpaste-dispensing toothbrush in order to produce an easier, more effective way of brushing teeth. This redesigned toothbrush will appeal to customers and create a successful niche in the market of toothbrushes.

4.2. Vision: To provide the best quality services in reasonable price under friendly environment with the consumers. Main business policy is to satisfy customers.

4.3. Goals: Create a product that is most likely to successful on the market· Running a profitable operation within 5 years· Developing a perception that Company’s name is easy to do business with. Maximize efficiency· Growing the entire business operation within 5 years.

4.4. Objectives  Creating and testing prototypes on the general population and gaining feedback  Charge an increased price for the toothbrush for the first year (50 tk)

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 Implementing a policy where customers are guaranteed to receive a returned phone call by the end of the day.  Advertise through means of television and internet.  Provide satisfaction to the peoples of Barishal district (Barishal sadar, Banaripara, Babuganj, Muladi, Bakerganj, Agailjhara, Hijla, Muladi, Mehendiganj, Wazirpur)

4.5. Nature of the Business: Nature of our business depends on number of partner, capital and business area. As we intend to launch a new product, firstly we start this business as a partnership business.

4.6. Description of the Product: This product is a toothpaste dispensing toothbrush it’s a daily uses product. Customers can use it to clean their teeth. As a toothpaste dispensing toothbrush, customers have no need to use tooth paste manually. This product is intended to allow a person to dispense toothpaste on to their toothbrush with ease. The basic concept design is of a toothbrush, which contains holes in the upper part of the brush to allow for toothpaste to be dispensed directly on the bristles of the toothbrush. To prevent the toothpaste from drying out, each of the holes will be filled with an easily removable rubber stopper. Using your finger to make a simple push motion upward, the toothpaste will dispense at modest volumes. In order to keep the dispensing mechanism in place, a spring must be placed underneath the mechanism to overcome the weight of the toothpaste pushing down on the dispenser. Since the toothpaste must be contained within the toothbrush, the assembly will separate into two pieces to allow for a toothpaste container to be inserted into the bottom half of the brush. A more detailed final design with drawings of each of the components can be seen in the appendices. Respectively, these components are the toothbrush head, rubber stopper, toothbrush bottom, dispensing mechanism, steel spring, and toothpaste container. The size of the toothpaste container thickness has been increased so that it is capable of being viewed. The actual thickness is .005” with a tolerance of ±.0001”. These tolerances and sizes areextremely specific to allow the container to be crushed inside the toothbrush without 11

disrupting the mechanism. Crushing the container inside the toothbrush is the easiest method of allowing the toothpaste to be dispensed while also allowing manufacturers to create their own toothpaste containers which are to be made of a crushable plastic: polyethylene terephthalate.

4.7. Size of the Business: It is a SME business so it covers the Barishal region well.

05. BUSINESS STRATEGY Every company follows some strategy which helps them to run properly. Some of the strategies are given bellow-

5.1. SWOT Analysis Strength: Low price: It doesn’t cost much to purchase for the customer. So, customer can purchase this product with their need. Standard quality: Mr. Relex has maintained standard quality to produce it. So, it can be assured customer about this product quality. Attractiveness: Customers are prone to new product. So, it can be assumed that customer will take this product warmly.

Weakness New product: 12

Sometimes new product faces some uncertainty in the market. It will take time for the company to adjust the market. We have to depend on the customer’s motive and their will. Lack of knowledge: As a new product we can’t inform our all customers about our product properly though we have taken much advertising strategy. Lack of capital: Firstly we have to invest capital for establishing this business and also need liquid money to meet the uncertain demand. These cause lack of capital.

Potential Problem: The problem that Mr. Relex tries to solve is a result of the fact that the Innovativeness of toothbrushes isn’t being challenged in the market today. Toothbrushes and toothpaste are complementary products, they are made for one Another and their demand depends on the demand for the other. It is asked, “Why Are they not being used in one product?” and from that the idea of Mr. Relex was born.

Opportunities: Cheap labor cost: As a developing a country available labor within cheap cost can be found. Absence of competitor: As a new product there is no existing competitor in our target market. It’s an opportunity to attract the customer. Earn huge profit: Possibility to earn huge profit by selling our product to the customer.

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Threat: Uneducated people: Most of the people are uneducated so it can be difficult to understand them about the privileges of the product. Transportation cost: High transportation cost may hamper in determining prices of the product. Political instability: Political turmoil hampers mostly in expanding this product.

5.2. How to Go There: We follow different kind of strategy, tools and techniques.

5.3. Competitive Edge:  Multiple use  Product for the children  Different kind of flavor

06. MARKETING STRATEGY Segmentation Type

Variables

Geographic

From Root level of Barisal Metro and cities to the targeted villages.

Demographic Behavioral

Aged 07 years and above; No sex barrier; Awareness & access to face-book, twitter; power of using

Occasion Benefits

payment through it Planned for personal as well as public occasions. Ease of purchase; power of freeness; Best quality provided

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6.1. Target Markets Mr. Relex’s desire is to cater to everyone. Ideally, the market would strengthen over the next five years and eventually become a known alternative option to classic toothbrushes. In order to do so, we have planned target markets that would be the most likely to buy and the most influential in the market. Middle Aged Men/Women: Mr. Relex is likely to cost more on average than a standard manual toothbrush and this age group is most likely to spend extra money. Children (under the age of 10): Specialization of products (pink/blue/glitter toothbrushes) tends to work best with this young target market. When we can expand this is the first market we want to target. College Aged Students: The generation that is most notably lazy would be a great target market for a product that makes an everyday task easier.

6.2. Methods of Sales and Distribution Applying Selective Distribution method to market this products. Distributing technique will be as follows:

Producer

Wholesaler

Retailer

1.1 Figure: Sales and Distribution method

6.3 Packaging This product packaging will be lucrative in terms of color and design. Our packages will contain the following information:  BSTI Marks  Manufacturing and Expiry date  Batch number  Bar code number 15

 Maximum Retail Price (MRP)  Quantity or weight

6.4 Pricing The company set price on the basis of cost (Cost based pricing).

6.5. Branding To enjoy brand image we will differentiate our products by better positioning to make our customers loyal. We will also establish our brand image through better packaging and customer oriented advertising.

6.6 Database Marketing We will maintain a customer database to get huge customer information. Information will be collected regarding:  Personal data  Transaction amount  Frequency of purchase  Satisfaction level

6.7 .Sales Strategies The company sale the products through its own sales outlets. We will also supply our products to different super stores and other big retail stores.

6.8. Sales Incentives or Promotion As a new marketer it will be necessary for us to conduct huge sales promotion activities to make our products acceptable to the customers. Sales incentives will be as follows: 16

 Discounts.  Coupons.  Trade in allowance.

6.9. Advertising Strategies Companies do more than make good products. In order to inform customers about product benefit and carefully positioning in customers mind, Mr. Relax will use effective advertising strategy. Targeted advertising isn’t quite like advertising in urban areas. Not just because of the size of the populace, but also because of the lack of standardized opportunities – not to mention the feeling of community, sense of solidarity and the complexity of targeted communities. Creating an advertising campaign for a targeted area is often tough. So, with all these challenges, we plan to go through the following promotional strategies:

Advertising For advertisement you decided to go for two types of media: Traditional Media  Word-of-mouth advertising  Microphone announcement  Folk theatre  Ads on delivery vans  Advertising in “melas” and trade fairs  Door to door demonstration Mass Media  Television (specially on BTV >Television (specially on BTV regional channels)  Press and other print media including local and regional magazines 17

 Radio  Cinema halls  Posters and leaflets

6.10. Public Relations To create a better image of our business in the market place we will undertake varieties of programs for our products. These will be:  Seminars  Sponsorships  Press release

6.11. Networking We will have to build a strong network with the following parties to strengthen our position in the market place:  Suppliers  Owner of superstores  Loyal customers  Advertising media and agencies  Local communities.

6.12. Customer service Customer is the king. To satisfy the customers we will provide the following services:  Better quality product  Reasonable price 18

 Ensuring hygienic standards  Resolving customers’ problems.

07. LOCATION AND LAYOUT 7.1. Demographic Analysis: The business shall treat all employees and partners fairly and shall not discriminate against any employee or partner on the basis of age, race, disability, gender, sexual orientation, or marital status. The Business shall be an “equal opportunity employer” and shall provide equal opportunities all of the employees of the company and partners. The business will not tolerate or promote any discrimination or harassment to an employee or partner by any other employe...